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Monthly Commentary March

April 12, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) Interest rates continued to rise in March, prompting concern from many fixed income investors. Our securities once again demonstrated their resilience to rising rates. Our exposure to fixed-to-floaters and floaters e …

BBVA in Spotlight for Being EU’s Most Exposed Bank to Turkey

March 24, 2021 | News , Press & Articles

Interview by Alice Gledhill – Bloomberg Spanish lender has the most significant exposure of EU banks – Credit investors shouldn’t be worried: Atlanticomnium analyst – Spanish lender Banco Bilbao Vizcaya Argentaria SA’s shares and bonds were under press …

Credit Analyst corner

March 10, 2021 | Credit Analyst Corner , News

Anthony Giret – Vodafone’s Vintage Exciting news from Vodafone, a company we like and whose corporate hybrids we own, which has confirmed its intention to IPO its Vantage Towers unit before the end of March.  This move should be positive for Vodafone’s …

Monthly Commentary February

March 9, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) The end of February was all about rising interest rates and the impact on financial markets. This has not been a significant concern for our fund, as it is positioned to have low sensitivity to interest rates, notabl …

Our resilience to rising rates

February 10, 2021 | Commentaries

With yields on global fixed income close to record lows at 0.9%, investors in classic bonds are left vulnerable to a potential rise in rates, with only limited income buffer. Our approach is different and has in the past shown itself to be resilient to …

Monthly Commentary January

February 9, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) Financial markets traded sideways in January. Within the subordinated debt market of financials, spreads remained stable around 400 bps. Prior to Covid-19, spreads were slightly above 250 bps. Therefore, we believe t …

Monthly Commentary December

January 11, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) December was a positive month for markets and for the fund. Despite the rise in Covid-19 infections, we saw the beginning of vaccination programmes within a certain number of countries. Moreover, there were positive …

Outlook 2021: Subordinated Debt – A Credit Sweet Spot

January 5, 2021 | Insights , News

Several areas of the subordinated debt market look attractive heading into 2021, both from an income and upside potential perspective. We are constructive on the subordinated debt of high-quality financial issuers heading into 2021, supported by the pr …

Monthly Commentary November

December 10, 2020 | Commentaries

GAM Star Credit Opportunities (EUR)  November was a strong month for markets and for the fund with positive catalysts for the securities we hold. Firstly, the UK Prudential Regulatory Authority (PRA) gave its opinion on legacy bonds from UK banks and t …

Monthly Commentary October

November 18, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) During the month of October, we saw some positive developments within the securities we invest in. Firstly, the European Banking Authority (EBA) gave its opinion on legacy bonds and the message is very clear – banks …

Q3 2020 Quarterly Commentary (GBP)

November 18, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets continued to rebound during the third quarter following positive economic data combined with the large monetary and fiscal stimulus. Despite the recovery in prices, spreads are still extremely wide for the securities we hold. …

Q3 2020 Quarterly Commentary (EUR)

November 18, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets continued to rebound during the third quarter following positive economic data combined with the large monetary and fiscal stimulus. Despite the recovery in prices, spreads are still extremely wide for the securities we hold. …

Q3 2020 Quarterly Commentary (USD)

November 18, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets continued to rebound during the third quarter following positive economic data combined with the large monetary and fiscal stimulus.. Despite the recovery in prices, spreads are still extremely wide for the securities we hold …

Monthly Commentary September

November 18, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) Despite positive macroeconomic data, markets were slightly softer in September following concerns of Covid-19 second waves. With spreads of around 580 bps, valuations within our securities are still close to two time …

Article publié dans l’Agefi

October 1, 2020 | Press & Articles

Interview de Jean-Marc Jancovici parue dans l’Agefi le 25 septembre 2020 en marge de la conférence “Atlanti Foward Thinking Series”. Réchauffement climatique: “La BNS ne peut pas dire qu’elle ne joue pas de rôle.” Entretien réalisé par Matteo Ianni. Je …

Monthly Commentary August

October 1, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) The month of August was strong, as we saw most assets classes advance strongly. However, spreads within our securities remain extremely attractive. With spreads around 550 bps, valuations are still close to more than …

European financials: showing resilience.

October 1, 2020 | Press & Articles

EUROPEAN FINANCIALS: SHOWING RESILIENCE. Romain Miginiac, Article published by GAM, 20/08/2020 Despite a challenging first half of the year, Atlanticomnium’s Romain Miginiac says European banks and insurers have shown resilience and balance sheets rema …

Monthly Commentary July

October 1, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) The month of July was relatively strong, and this culminated with the news of an agreement of a European Recovery Fund between EU members. The continuation of the strong fiscal support combined with central bank easi …

Q2 2020 Quarterly Commentary (GBP)

July 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets rebounded sharply during the second quarter, following the extreme downward moves during March. This rebound was following the large monetary and fiscal stimulus, the reopening of European economies, as well as the better tha …

Q2 2020 Quarterly Commentary (EUR)

July 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets rebounded sharply during the second quarter, following the extreme downward moves during March. This rebound was following the large monetary and fiscal stimulus, the reopening of European economies, as well as the better tha …

Q2 2020 Quarterly Commentary (USD)

July 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets rebounded sharply during the second quarter, following the extreme downward moves during March. This rebound was following the large monetary and fiscal stimulus, the reopening of European economies, as well as the better tha …

Monthly Commentary June

July 8, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) The month of June started strongly as there was positive news on the macroeconomic front, combined with central bank easing and the continued reopening of economies. This led to a large amount of new issues within th …

In 2008, banks were part of the problem, in 2020 banks will be part of the solution.

June 7, 2020 | Press & Articles

A joint statement by UK banks and the Bank of England on Covid-19 Published on 23 March 2020 “In recent days, the Bank of England and the government have worked closely with the major banks to put in place a range of measures which give enormous scope …

Podcast: Handling Misperceptions amid Uncertainty

May 14, 2020 | Press & Articles

https://atlanti.ch/wp-content/uploads/2020/08/Misperceptions-amid-Uncertainty.mp3   Speaking about Decision-making “Much of my thinking about investing has been framed by the study of neuroscience, especially the Nobel prize winning economist Dani …

We are listed as a signatory of the UN-supported PRI

May 13, 2020 | Press & Articles

Atlanticomnium has signed up to the United Nations supported Principles for Responsible Investment (PRI). The PRI is an international global network of asset managers, owners and service providers working together to put responsible investment into pra …

Monthly Commentary April

May 7, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) During the month of April, financial markets showed some positive momentum, as reflected by the beginning of a recovery in prices for the securities within our fund. This has been a positive reaction to the support s …

Monthly Commentary May

May 6, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) During the month of May, financial markets showed some positive momentum, due to the fact that economies have been starting to gradually open, as well as the EU coronavirus recovery plan. The European Banking Authori …

Q1 2020 Quarterly Commentary (USD)

April 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted the subordin …

Q1 2020 Quarterly Commentary (EUR)

April 20, 2020 | Commentaries , News

MARKET ENVIRONMENT  Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted the su …

Q1 2020 Quarterly Commentary (GBP)

April 20, 2020 | Commentaries , News

MARKET ENVIRONMENT   Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted …

‘Best Buying Opportunity Of The Century’

April 16, 2020 | Press & Articles

‘Best Buying Opportunity Of The Century’ For Corporate Bonds. Gregoire Mivelaz, quoted in an article published by Cherry Reynard on Forbes, 14/04/2020.At the start of 2020, corporate bonds were friendless. The income looked meagre and their capital gro …

Analysts keeping close eye on insurers’ hybrid bonds

April 16, 2020 | Press & Articles

Romain Miginiac, quoted in an article published on S&P global, 14/04/2020 Recent falls in European insurers’ solvency ratios are a long way from triggering default clauses in certain hybrid bonds they have issued, analysts say, but the uncertainty …

Monthly Commentary March

April 6, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR)Markets were challenging during the month of March, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell off during the first half of the month in subordinated debt markets and w …

Banks remain resilient.

April 5, 2020 | Press & Articles

Banks remain resilient. Gregoire Mivelaz, interviewed by GAM, 06/04/2020If the global financial crisis (GFC) of 2008 was a stormy period for the economy, then Covid-19 has been a full scale hurricane. The GFC first hit the American housing market and w …

Monthly Commentary Mid-March 3.0

April 2, 2020 | Commentaries , News , Press & Articles

Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance.GAM Star Credit Opportunities (EUR)Prices of subordinated debt continued to correct during the week …

Monthly Commentary Mid-March 2.0

March 25, 2020 | Commentaries , News

Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (EUR – GBP – USD)  While prices of subordinated debt remained un …

Monthly Commentary Mid-March

March 17, 2020 | Commentaries , News , Press & Articles

Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (USD)  We are becoming used to periods of turbulence such as we have …

Monthly Commentary February

February 28, 2020 | Commentaries , News , Press & Articles

GAM Star Credit Opportunities (USD) Despite a strong start to the month, the last week of February was marked by strong ‘risk-off’ sentiment activity due to negative headlines on the Covid-19 coronavirus. The fund was not immune as reflected by a negat …

Discos – More Positive Catalysts to Come

February 5, 2020 | News , Press & Articles

DISCOS – MORE POSITIVE CATALYSTS TO COME   Executive Summary  Prices of Discounted Perpetual FRNs (Floating Rate Notes) have recovered since H2 2019, fueled by several positive catalyst events and there is scope for further price appreciation, in our v …

Subordinated Debt – an Attractive Asset Class

February 4, 2020 | News , Press & Articles

SUBORDINATED DEBT – AN ATTRACTIVE ASSET CLASS Executive Summary  Since the global financial crisis (GFC) new regulations obliged banks and insurers to strengthen their balance sheets by increasing and maintaining high levels of capital  The financial s …

Environmental, Social And Governance (Esg) Approach

February 3, 2020 | News , Press & Articles

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) APPROACH As delegated investment advisor of the GAM Star Credit Opportunities Funds*, we at Atlanticomnium have a fiduciary duty to act in the best long-term interests of our clients and their beneficiaries by …

Monthly Commentary January

February 1, 2020 | Commentaries , News , Press & Articles

GAM Star Credit Opportunities (USD) During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The year ended strong …

Q4 2019 Quarterly Commentary (GBP)

January 8, 2020 | Commentaries , News , Press & Articles

Q4 2019 Quarterly Commentary (USD) MARKET ENVIRONMENT During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The …

Q4 2019 Quarterly Commentary (EUR)

January 8, 2020 | Commentaries , News , Press & Articles

MARKET ENVIRONMENT During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The year ended strongly following posi …

UK Election: Initial thoughts

December 13, 2019 | News , Press & Articles

Following the unexpectedly strong election victory for Boris Johnson and the Conservative Party, some of GAM’s portfolio managers offer their views on how this is likely to impact markets. Jeremy Smouha – Developed Market Credit Our experience over the …

Featured Video

November 15, 2019 | News , Press & Articles

GAM Star Credit Opportunities seeks to generate steady, high income from the bonds of quality companies, with a focus on junior or subordinated debt to capture higher yields. The suite of three long only UCITS is managed by corporate bond specialist, A …

Subordinated Debt – The Opportunity hidden in Negative Yielding Debt

November 2, 2019 | News , Press & Articles

Executive Summary The eurozone remains in a low growth, low inflation environment with the European Central Bank cutting rates to a record -0.5% low There is a now some USD 15 trillion of negatively yielding debt worldwide Stricter regulation has led t …

Discounted Perpetual FRNs –An Opportunity in Subordinated Financial Bonds?

May 2, 2019 | News , Press & Articles

Pdf Version Here Discounted Perpetual FRNs – Attractive Risk-Reward Highly attractive features – especially as a diversifier Legacy capital securities issued by banks and insurers under previous regulatory regimes, close to $15bn equivalent outstanding …

An opportunity in subordinated financial bonds?

April 28, 2019 | News , Press & Articles

Pdf Version Here Executive Summary Discounted Perpetual Floating Rate Notes (FRNs) are legacy capital securities issued by banks and insurers under previous regulatory regimes We discuss why Discount Perpetual FRNs could be considered an attractive ass …

Q3 2018 Quarterly Commentary (GBP)

October 11, 2018 | Commentaries , Uncategorized

Q3 2018 Quarterly Commentary (GBP) Market environment Following the strong ‘risk-off’ environment in Q2, prices continued to be weak, but somewhat stabilised during Q3. Concerns regarding trade wars, Italy, and Brexit have continued to dominate the hea …

Monthly Commentary September

October 10, 2018 | Commentaries , Uncategorized

Monthly Commentary SeptemberGAM Star Credit Opportunities (USD)During the third quarter, the fund reported positive results, despite rising interest rates, with the US dollar 10-year rate increasing from 2.86% to 3.04%. From the end of June, prices wer …

Monthly Commentary August 2018

September 5, 2018 | Commentaries , Uncategorized

Monthly Commentary August 2018 GAM Star Credit Opportunities (USD), GAM Star GAM Star Credit Opportunities (GBP), Credit Opportunities (EUR)

Quarterly Q2 2018 Commentary (GBP)

July 19, 2018 | Commentaries , Uncategorized

GAM Star Credit Opportunities GBP – For professional investors only

Quarterly Q2 2018 Commentary (EUR)

July 19, 2018 | Commentaries , Uncategorized

GAM Star Credit Opportunities EUR – For professional investors only

Quarterly Q2 2018 Commentary (USD)

July 19, 2018 | Commentaries , Uncategorized

GAM Star Credit Opportunities USD – For professional investors only

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